The ABS has released September Labor Force and the news is whacko. Jobs stalled while the unemployment rate crashed:
TREND ESTIMATES (MONTHLY CHANGE)
- Employment increased 26,400 to 12,640,800.
- Unemployment decreased 10,500 to 688,500.
- Unemployment rate remained steady at 5.2%.
- Participation rate remained steady at 65.6%.
- Monthly hours worked in all jobs increased 2.8 million hours (0.2%) to 1,755.7 million hours.
SEASONALLY ADJUSTED ESTIMATES (MONTHLY CHANGE)
- Employment increased 5,600 to 12,636,300. Full-time employment increased 20,300 to 8,654,400 and part-time employment decreased 14,700 to 3,981,900.
- Unemployment decreased 37,200 to 665,800. The number of unemployed persons looking for full-time work decreased 38,000 to 449,700 and the number of unemployed persons only looking for part-time work increased 900 to 216,100.
- Unemployment rate decreased by 0.3 pts to 5.0%.
- Participation rate decreased by 0.2 pts to 65.4%.
- Monthly hours worked in all jobs increased 6.2 million hours (0.4%) to 1,757.5 million hours.
LABOUR UNDERUTILISATION (MONTHLY CHANGE)
- The monthly trend underemployment rate decreased to 8.3 per cent. The monthly underutilisation rate decreased by 0.1 percentage points to 13.5 per cent.
- The monthly seasonally adjusted underemployment rate remained steady at 8.3 per cent. The monthly underutilisation rate decreased 0.2 percentage points to 13.3 per cent.
Cue a pack of muppets screaming “Phillips Curve” and inflation with rate hikes imminent as the participation rate falls.
Look at trend and underutilisation for the real reads.
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